With 18 per cent and 9.4 per cent of the world’s total proven gas and oil resources respectively, Iran ranks as the largest in gas and fourth in oil reserve holdings among all nations although it has yet to realise its full potential on the production front
IRAN has put in place an ambitious plan to ramp up its crude oil production to reach 5 million barrels per day (mbpd) by 2018. To achieve this, the country plans to work alongside international oil companies (IOCs) and implement favourable contractual models to encourage foreign investment in the...

Mainly as a result of sanctions, few international companies are now working in Iran’s upstream and Tehran has had to rely on Chinese state-owned firms
IRAN hopes to begin during the next few months work designed to boost the country’s oil production capacity by 1 mbpd in four years, oil minister Bijan Zanganeh says, targeting mainly fields it shares with neighbouring states.“If we succeed in reaching this level within less than four years to have...

Once the pipeline is ready, Tehran will start exporting 7 million cubic metres of gas per day to Baghdad. The figure will reach 40 million cubic metres in the first phase
TEHRAN and Baghdad have not started their negotiation over signing a second gas export contract.The managing director of National Iranian Gas Company Hamidreza Araqi says that the proposed route for the second deal is to transfer Iranian gas to the Iraqi city of Basra.“But we haven’t signed any...

A letter of agreement signed in late August paved the way for Oman to receive gas from Iran for 25 years from 2015. Zanganeh says at the time that, based on prices prevailing then, the value of the exported gas would be over $60 billion
A PLANNED gas supply deal with Oman will enable Iran to market its natural gas through the entire Gulf region, Iranian Oil Minister Bijan Zanganeh says.Zanganeh says the two countries hoped to finalise an agreement by the end of the current Iranian year next March or the beginning of the next one. A...

Iran’s crude oil and condensate exports averaged 1.1 mbpd in 2013, 1.4 mbpd less than the volume exported in 2011, largely because of western sanctions
IRAN’S oil production and exports have decreased significantly in the past three years.The US Energy Information Administration (EIA) has studied the effects of sanctions on Iran’s oil and gas sector, and released the results in its annual report.The report reads: “The US and EU measures targeted...

Iran relies on imports during winter months when residential heating demand peaks in summer
IRAN’S domestic consumption has been on the rise in the recent years. The country is also obliged to export a significant amount of gas to neighbouring countries.The sanctions against the country have hindered Iran’s attempts to develop its natural gas sector and increase its production rate.The...

In the short-term, it makes more economic sense for Iran to use gas to satisfy domestic demand for power
generation and industry and for re-injection into ageing oilfields to maintain production
THE world’s largest gas reserves may tempt some energy companies back to Iran if sanctions are lifted, but Tehran is unlikely to become a significant gas supplier to Europe or Asia for at least a decade.European companies with the technology to fully exploit Iran’s vast South Pars field under the...

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